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The broader cryptocurrency market plummeted on Wednesday, but stablecoins in particular saw no shortage of buyers.
Rap music legend Drake has reportedly purchased a stake in 100 Thieves, a Los Angeles-based lifestyle, apparel and esports company. According to the announcement, Drake co-led the company’s Series A fundraising round with Scooter Braun, a talent manager and entertainment executive. With the Series A, 100 Thieves has raised more than $ 25 million to date from notable […]
Indonesian cryptocurrency and payments company Pundix has introduced a point of sale terminal at a shop in Nigeria, allowing people in the West African country to make purchases using cryptocurrency, including bitcoin. The move is seen as key to scaling up cryptocurrency adoption and development in Africa’s biggest bitcoin market.
Payments Go Crypto With ‘a First for Africa’, in Nigeria, by Pundix
A Nigerian importer and distributor of agriculture products has installed a point of sale payment system that is underpinned by cryptocurrency such as bitcoin (BTC), in what the owners claim ‘is a first for Africa.’
Venture capital giant Andreessen Horowitz has made its next major cryptocurrency investment, investing $ 15 million in MakerDAO (MKR), the creator of stablecoin Dai (DAI). OFFICIAL: @a16z crypto purchases 6% of MKR, backing Stablecoin Vanguard MakerDAOhttps://t.co/5gQ67HSevW #Dai $ Dai #MKR $ MKR — Maker (@MakerDAO) September 24, 2018 According to an announcement by MakerDAO, 6% of the total supply of MKR […]
Abra, the all-in-one digital wallet and cryptocurrency exchange, has announced its support for Single Euro Payment Area (SEPA) bank accounts. European users can now enable direct wire transfers from European banks to purchase any of Abra’s 28 available cryptocurrencies.
Founded in 2014, Abra is working toward providing users with maximum privacy and control. The application is non-custodial, and the wallet’s private keys are never held by anyone other than the actual user. Abra employs no middlemen, ensuring customer funds are never touched, managed or viewed by outside parties. Past and present investors in Abra include American Express Ventures, First Round Capital, Arbor Ventures and RRE Ventures.
Bittrex, which is one of the world’s leading cryptocurrency exchanges, has recently bought a 10% stake in the Malta-based blockchain company Palladium, according to recent media reports. Bittrex, founded in 2014, provides digital wallets, real-time trade execution and other security practices.
Palladium was launched to much fanfare back in July this year, with Joseph Muscat – the Prime Minister of Malta – making a speech at the launch event. Mr Muscat claimed that the recent development was the next in a step to turn Malta into the “blockchain island”.
E-commerce giant Rakuten recently announced plans to enter the cryptocurrency industry through the acquisition of a local Bitcoin exchange. The Japanese company has entered into a share transfer agreement for a 100% stake in the Tokyo-based exchange company, Everybody’s Bitcoin. The acquisition, which cost the firm 265 million yen, or $ 2.4 million, is set to finalize October […]
Bitcoin payment startup Abra has announced the addition of Visa and Mastercard payment options for buying bitcoin on its platform. The new payment option is in partnership with fintech company Simplex, per the company’s blog post.
Up until today, users who wanted to purchase cryptocurrencies were limited to a few options that included bank deposits and wire transfers. In addition to these, the company also offers a means of buying altcoins using either bitcoin or litecoin for countries where bank wires and deposit options are unavailable.
Wells Fargo & Company, a San Francisco-based financial services giant, announced recently that it will no longer allow cryptocurrency purchases using its bank-issued credit cards.
Joining the Ranks
U.S. financial services company Wells Fargo and Company has announced that it will no longer allow customers to use bank-issued credit cards for cryptocurrency purchases.
With this move, Wells Fargo joins the ranks of other major U.S. banks who have already prohibited the purchase of cryptocurrency with their credit cards — namely, JP Morgan Chase, Bank of America, and Citigroup.
The main concern, as expressed by a Wells Fargo spokesperson, lies within the high volatility of the cryptocurrency market:
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The year 2018 has not been all that positive for Bitcoin just yet. With the Bitcoin price in a slow and steady decline, it is evident something will need to change. Moreover, early adopters of Bitcoin as a payment option are rethinking their decision. Reddit is the latest company to remove BTC as a payment method altogether.
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Toronto-Dominion (TD) Bank is the latest financial institution to ban customers from using their credit cards to purchase cryptocurrency. As more retail investors continue to be onboarded, banks are looking to protect them from making ignorant decisions.
Weighing Risk, Regulation, and Rapidity
In a recent move that has become common from banks, TD Bank is effectively halting the use of credit cards to purchase cryptocurrency. Originally still permitting purchases even after the first move from banks began, TD Bank has now fallen in line with a growing policy change.
Those looking to buy the dip and take advantage of what is essentially a 60%-off Bitcoin sale can now conveniently purchase the dominant cryptocurrency with credit cards via Bread.
The Best Thing Since Sliced Bread
Bread, a clean and user-friendly Bitcoin wallet available on both iOS and Android, announced this week:
Starting this week, Bread customers around the world will have the ability to use a credit card to purchase bitcoin and have it deposited directly into their Bread. This new feature builds on a partner integration with Simplex to allow high limits and near-instant delivery for most users.
JPMorgan, Bank of America, and Citigroup are all putting a stop to Bitcoin purchases made using their cards, citing high risk due to extreme price volatility.
Credit Card Declined
With Bitcoin suffering one of its worst weeks since 2013, major US banks are putting a stop to Bitcoin and other cryptocurrency purchases made using their credit cards. According to reports, JP Morgan Chase, Bank of America, and Citigroup are all banning cryptocurrency purchases using their credit cards, leaving some investors eager to “buy the dip” out in the cold.